If a developer tries to force a rating, the content is going to suffer, regardless of who is developing. Bungie should just make the game they want to make, and let the software ratings boards decide what to give it.
You don't need to use the F word to tell a compelling story, or build an interesting universe. Bungie isn't going for a gritty, grimdark atmosphere, like Gears of War. It's looking more like a classic space opera, like Star Wars. How many times do you hear the F word in the Star Wars films? The answer is zero, by the way.